MVC

Vật liệu và Xây dựng Bình Dương ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 26.89%, +11.64pp YoY

Price

13,500

Latest close

03 Jun 2026

P/E 6.97x

P/B 0.93x

EPS 1,938

BVPS 14,541

ROE 16.0%

ROA 12.9%

Profit Margin 26.9%

Asset Turnover 0.48x

Equity Mult. 1.24x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, MVC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 801bn
	                                
+27.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 215bn
	                                
+125.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	747.3	600.9	557.8	525.7	304.5
Growth	+24%	+8%	+6%	+73%	—
Net Income	179.2	86.3	71.6	86.4	-39.4
Net Margin	23.98%	14.37%	12.84%	16.44%	-12.94%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	205.0	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6
Growth	-8%	+16%	+6%	+20%	-19%	+32%	-4%	+18%	-21%	+12%	-1%	—
Net Income	65.8	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7
Net Margin	32.10%	30.40%	18.51%	25.58%	14.63%	13.19%	16.34%	17.45%	8.00%	13.76%	14.55%	13.23%

Drivers of MVC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 88.9bn

Associates income ↑ 35.3bn

Finance costs ↓ 30.0bn

Tax ↑ 31.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 36.9bn

Associates income ↑ 10.5bn

Tax ↑ 8.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.9% = 15.2% × 0.41 × 1.25

2026Q1 16.0% = 26.9% × 0.48 × 1.24

ROE rose from 7.9% to 16.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 26.9% +11.6pp Asset turnover: 0.48x +0.07x Leverage: 1.24x -0.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 26.89%, rising 11.6pp. The main driver is Gross margin rose 6.4pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.8pp added support while Other profit / Revenue fell 1.6pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 26.89% +11.6pp

Gross Margin 28.10% +6.4pp

SG&A / Revenue 9.15% −0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 141.9 days.

Is capital being deployed efficiently?

ROIC expanded to 13.44%, rising 7.2pp. That translates to 13.44 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 11.9pp and capital turnover rose 0.07x, while invested capital rose by 136bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 13.44% +7.2pp

NOPAT Margin 26.23% +11.9pp

Capital Turnover 0.51x +0.07x

Average Invested Capital 1,563.4bn +135.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.15x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.1 days versus the same period last year. The main moves came from DIO fell 22.5 days, DSO fell 16.3 days, and DPO fell 9.7 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 141.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 28.3 days −16.3 days

Inventory 124.1 days −22.5 days

Payables 10.5 days −9.7 days

Cash Conversion Cycle 141.9 days −29.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 17.40x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 17.8% of debt, and total debt stands at 261.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 17.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.15x −0.02x

Interest Coverage 17.40x +10.51x

Cash / Debt 17.8% +2.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.79x +0.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 252.3bn in 2025, against investing cash flow of -235.2bn.

Post-investment cash flow was positive +17.1bn. Financing cash flow was negative +45.7bn.

CFO / net income was 0.79x.

After spending +115.7bn on fixed-asset investment, the business generated trailing free cash flow of +55.0bn.

Cash Conversion

CFO TTM 170.6bn +103.5bn

Cash Capex 115.7bn +98.9bn

FCF TTM +55.0bn +4.6bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 16.7%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 142 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 26.89% after expanding 11.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.7% of PBT and CFO / net income currently at 0.79x.

Key risk: working capital remains tied up for too long, with cash cycle at 141.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	747.3	600.9	557.8	525.7	304.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	747.3	600.9	557.8	525.7	304.5
Cost of Goods Sold	560.2	478.1	442.6	400.9	0.0
Gross Profit	187.1	122.8	115.2	124.8	49.3
Financial Income	25.3	18.9	25.5	25.5	32.3
Financial Expenses	-17.4	9.1	17.8	31.9	-89.1
Interest Expense	13.9	12.6	17.8	10.6	-13.3
Share of Associates and Joint Ventures	56.9	22.9	10.4	17.1	0.0
Selling Expenses	31.3	28.5	20.5	20.2	-12.9
General and Administrative Expenses	41.2	32.7	29.7	25.9	-20.5
Operating Profit	214.1	94.3	83.1	89.4	-40.9
Other Income	7.2	8.2	2.8	3.3	0.0
Other Expenses	10.5	1.5	0.1	0.1	0.0
Other Profit	-3.3	6.7	2.7	3.2	1.5
Profit Before Tax	210.8	101.0	85.7	92.7	-39.4
Current Income Tax Expense	39.4	13.8	14.5	6.5	0.0
Deferred Income Tax Expense	-7.7	0.8	-0.4	-0.3	0.0
Net Income	179.2	86.3	71.6	86.4	-39.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	179.2	86.3	71.6	86.4	-39.4
Earnings per Share	1,613.00	786.00	652.00	786.00	-395.00
Diluted EPS	1,613.00	786.00	652.00	786.00	-394.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	711.2	691.5	658.5	697.2	607.9
I. Cash and cash equivalents	33.2	61.8	48.5	83.3	100.2
1. Cash	33.2	41.8	39.7	38.3	0.0
2. Cash equivalents	—	20.0	8.9	45.0	0.0
II. Short-term financial investments	349.0	222.1	188.2	206.3	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	349.0	222.1	188.2	206.3	0.0
III. Short-term receivables	153.6	186.1	242.3	275.7	218.0
1. Short-term trade accounts receivable	38.1	69.1	63.7	53.0	0.0
2. Short-term prepayments to suppliers	3.1	4.2	40.8	89.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	62.3	54.7	54.7	48.3	0.0
6. Other short-term receivables	61.3	67.9	91.4	89.4	0.0
7. Provision for short-term doubtful debts (*)	-11.2	-9.8	-8.3	-4.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	168.8	211.4	170.7	127.3	149.0
1. Inventories	173.7	216.1	170.7	127.3	0.0
2. Provision for decline in value of inventories	-4.9	-4.7	0.0	0.0	0.0
V. Other short-term assets	6.6	10.1	8.8	4.6	8.3
1. Short-term prepayments	1.8	5.5	4.2	1.1	0.0
2. Value added tax to be reclaimed	4.8	4.6	4.6	3.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,050.4	840.5	814.4	770.8	828.6
I. Long-term receivables	8.7	7.5	7.0	6.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	106.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	8.7	7.5	7.0	6.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	201.1	205.8	163.3	162.2	177.3
1. Tangible fixed assets	193.6	198.1	155.8	153.6	164.8
- Cost	523.7	500.7	425.0	388.8	0.0
- Accumulated depreciation	-330.1	-302.6	-269.2	-235.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.4	7.7	7.5	8.6	12.5
- Cost	213.1	212.9	231.0	231.0	0.0
- Accumulated depreciation	-205.6	-205.1	-223.5	-222.4	0.0
III. Investment properties	13.9	3.6	4.1	4.7	5.2
- Cost	19.4	9.9	9.9	9.9	0.0
- Accumulated depreciation	-5.5	-6.3	-5.7	-5.2	0.0
IV. Long-term assets in progress	73.7	35.8	63.3	43.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	73.7	35.8	63.3	43.5	0.0
V. Long-term financial investments	484.1	335.8	325.9	310.8	298.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	464.1	412.8	391.4	376.3	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-77.0	-80.5	-80.5	0.0
5. Held to maturity investments	20.0	0.0	15.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	269.0	251.9	250.8	242.9	0.0
1. Long-term prepayments	260.5	251.4	249.5	242.1	0.0
2. Deferred income tax assets	8.5	0.5	1.3	0.8	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	241.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,761.7	1,532.0	1,473.0	1,468.0	1,436.5
A. LIABILITIES (300=210+330)	372.5	309.8	287.1	325.7	334.8
I. Short -term liabilities	365.0	306.7	284.8	323.5	333.2
1. Short-term trade accounts payable	22.8	16.3	18.9	6.3	12.1
2. Short-term advances from customers	12.4	1.8	1.4	2.2	1.2
3. Taxes and other payables to state authorities	27.7	9.0	10.9	7.8	0.0
4. Payable to employees	12.9	12.2	6.7	9.8	0.0
5. Short-term acrrued expenses	24.1	6.5	6.5	4.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	5.1	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.5	0.5	5.0	0.0
10. Short-term borrowings and financial leases	256.8	257.5	237.0	285.0	298.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	3.0	3.0	2.7	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	7.5	3.1	2.3	2.1	1.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.7	0.3	0.3	0.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.1	0.2	0.2	0.1	0.0
12. Provision for long-term liabilities	2.8	2.5	1.8	1.8	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,389.2	1,222.2	1,185.8	1,142.3	1,101.8
I. Owner's equity	1,389.2	1,222.2	1,185.8	1,142.3	0.0
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,101.8
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	117.3	104.6	92.3	89.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	271.9	117.6	93.5	53.2	17.9
- Accumulated retained earning at the end of the previous period	92.7	31.3	18.6	-23.9	57.3
- Undistributed earnings in this period	179.2	86.3	74.9	77.1	-39.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,761.7	1,532.0	1,473.0	1,468.0	1,436.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	210.8	101.0	85.7	92.7	0.0
Depreciation of Fixed Assets and Investment Property	67.3	39.8	36.9	38.4	0.0
Provision (Increase)/Reversal	-29.6	2.7	3.5	20.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-83.9	-41.8	-36.0	-42.6	0.0
Interest Expense	13.9	12.6	17.8	10.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	178.6	114.3	108.0	119.4	0.0
Increase/(Decrease) in Receivables	34.7	18.1	34.7	-37.1	0.0
Increase/(Decrease) in Inventory	42.3	-45.3	-43.4	22.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.7	4.6	8.6	-4.1	0.0
Increase/(Decrease) in Prepaid Expenses	-5.3	-3.2	-10.4	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.8	-12.6	-17.9	-10.4	0.0
Corporate Income Tax Paid	-30.0	-16.3	-8.9	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.8	-5.5	-1.8	-5.2	0.0
Net Cash Flow from Operating Activities	252.3	53.9	68.8	80.9	-208.8
Payments for Fixed Assets and Other Long-term Assets	-111.0	-19.7	-57.4	-32.8	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.8	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-223.2	-33.3	-27.1	-97.9	-46.0
Receipts from Loan Repayments and Sale of Debt Instruments	76.3	14.4	45.2	55.0	182.8
Investments in Other Entities	—	0.0	-5.6	-17.8	-2.5
Proceeds from Investments in Other Entities	—	0.0	0.0	99.0	0.0
Dividends and Interest Income Received	20.2	19.6	19.3	12.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-235.2	-18.1	-25.6	18.2	160.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	404.1	405.7	431.3	359.9	314.9
Repayment of Borrowings	-404.8	-385.2	-479.3	-372.9	-229.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-45.0	-43.0	-30.0	-57.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-45.7	-22.5	-78.1	-70.1	85.8
Net Cash Flow During the Period	-28.6	13.3	-34.8	29.1	89.6
Cash and Cash Equivalents at Beginning of Period	61.8	48.5	83.3	54.2	63.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.2	61.8	48.5	83.3	100.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	205.0	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	205.0	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6
Cost of Goods Sold	131.3	162.8	153.7	128.2	114.7	155.1	110.1	111.6	104.3	123.8	111.1	111.4
Gross Profit	73.7	59.5	38.6	53.3	36.7	32.4	31.5	35.7	20.3	33.3	29.2	30.2
Financial Income	5.4	4.6	13.7	3.7	3.2	3.8	7.9	3.3	3.9	4.3	9.8	7.2
Financial Expenses	4.2	-25.5	3.6	2.9	6.6	2.2	3.1	3.2	3.1	3.2	4.4	5.0
Interest Expense	4.2	3.8	3.6	3.3	3.1	3.2	3.1	3.2	3.1	3.2	4.4	5.0
Share of Associates and Joint Ventures	18.1	20.3	9.4	15.9	7.5	8.6	2.8	9.5	2.0	3.8	0.6	3.9
Selling Expenses	5.7	8.8	8.4	7.2	7.0	12.2	5.6	6.3	3.4	5.7	4.2	6.3
General and Administrative Expenses	9.4	14.7	9.9	9.2	8.1	8.5	6.3	9.1	7.6	8.6	6.7	8.2
Operating Profit	77.8	86.5	39.8	53.7	25.9	21.9	27.0	29.8	12.1	24.0	24.3	21.8
Other Income	0.0	6.8	0.0	0.6	0.2	8.9	0.0	0.0	0.0	2.1	0.1	0.6
Other Expenses	0.0	11.1	0.0	0.1	0.0	2.2	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	0.0	-4.4	0.0	0.5	0.2	6.7	0.0	-0.0	-0.0	2.0	0.1	0.6
Profit Before Tax	77.8	82.2	39.8	54.2	26.1	28.6	27.0	29.8	12.0	26.0	24.4	22.3
Current Income Tax Expense	12.0	9.3	4.3	21.4	3.9	3.9	3.9	3.7	2.1	6.6	2.3	3.6
Deferred Income Tax Expense	—	5.3	—	-13.6	0.0	-0.0	0.0	0.3	0.0	-2.3	1.7	0.0
Net Income	65.8	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	65.8	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7
Earnings per Share	592.00	608.00	320.00	418.00	199.00	225.00	210.00	234.00	91.00	197.00	186.00	187.00
Diluted EPS	592.00	608.00	320.00	418.00	199.00	776.00	210.00	234.00	91.00	197.00	186.00	187.31

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	723.9	746.2	764.6	711.6	703.6	691.4	702.1	643.4	651.6	672.1	628.3	704.4
I. Cash and cash equivalents	46.7	33.2	52.0	53.0	39.3	61.8	64.9	43.8	28.6	48.5	27.0	33.8
1. Cash	46.7	33.2	46.9	36.2	25.9	41.8	33.4	16.9	17.7	39.7	17.4	13.8
2. Cash equivalents	—	—	5.1	16.8	13.4	20.0	31.4	26.8	10.9	8.9	9.6	20.0
II. Short-term financial investments	311.6	349.0	304.3	243.1	237.5	222.1	205.9	183.9	205.2	203.2	193.2	257.1
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	311.6	349.0	304.3	243.1	237.5	222.1	205.9	183.9	205.2	203.2	193.2	257.1
III. Short-term receivables	187.8	188.5	205.1	205.1	204.4	186.1	194.6	207.9	212.3	242.1	232.6	270.7
1. Short-term trade accounts receivable	37.7	38.1	56.4	65.8	86.5	69.1	66.3	64.4	66.8	63.7	60.8	55.0
2. Short-term prepayments to suppliers	97.1	3.1	33.6	24.9	4.1	4.2	3.9	4.4	4.8	40.8	33.7	79.0
3. Short-term inter-company receivables	—	62.3	62.3	62.3	54.7	0.0	54.7	54.7	0.0	0.0	54.7	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	54.7	0.0	0.0	54.7	54.7	0.0	48.3
6. Other short-term receivables	64.2	96.3	62.8	62.2	68.9	67.9	79.3	93.6	94.3	91.3	89.7	94.7
7. Provision for short-term doubtful debts (*)	-11.2	-11.2	-10.0	-10.0	-9.8	-9.8	-9.5	-9.5	-8.3	-8.3	-6.3	-6.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.5	0.0	0.0	0.0	0.0
IV. Inventories	172.2	168.8	194.3	199.8	209.7	211.3	226.7	189.1	180.2	170.7	166.6	135.2
1. Inventories	177.1	173.7	199.1	204.6	214.4	216.0	226.7	189.1	180.2	170.7	166.6	135.2
2. Provision for decline in value of inventories	-4.9	-4.9	-4.7	-4.7	-4.7	-4.7	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.6	6.6	8.8	10.5	12.7	10.1	10.0	18.6	25.2	7.6	8.8	7.6
1. Short-term prepayments	0.9	1.8	4.2	5.9	6.5	5.5	5.4	13.2	14.3	4.1	4.2	3.4
2. Value added tax to be reclaimed	4.7	4.8	4.6	4.6	4.6	4.6	4.6	5.4	7.4	3.4	4.5	4.2
3. Taxes and other receivables from state authorities	—	—	—	—	1.6	0.0	0.0	0.0	3.5	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,066.6	961.8	876.0	895.1	843.1	838.2	837.7	871.9	837.1	799.4	784.9	765.3
I. Long-term receivables	9.1	8.8	8.8	8.8	7.8	7.5	7.5	7.3	7.3	7.0	7.0	7.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	9.1	8.8	8.8	8.8	7.8	7.5	7.5	7.3	7.3	7.0	7.0	7.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	209.7	211.9	189.4	194.9	198.8	205.8	210.3	217.9	218.6	163.3	152.7	154.0
1. Tangible fixed assets	202.4	204.4	182.0	187.4	191.2	198.1	202.7	210.1	211.2	155.8	145.0	145.9
- Cost	542.5	—	—	—	—	500.7	500.9	498.4	489.7	425.0	405.2	398.7
- Accumulated depreciation	-340.0	—	—	—	—	-302.6	-298.2	-288.3	-278.5	-269.2	-260.3	-252.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.3	7.4	7.3	7.5	7.6	7.7	7.7	7.8	7.4	7.5	7.8	8.0
- Cost	213.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-205.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	13.8	3.1	3.2	3.3	3.5	3.6	3.7	3.9	4.0	4.1	4.3	4.4
- Cost	19.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	41.5	38.7	40.4	36.9	36.3	35.6	35.2	39.4	40.3	63.3	67.7	67.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	41.5	38.7	40.4	36.9	36.3	35.6	35.2	39.4	40.3	63.3	67.7	67.6
V. Long-term financial investments	505.4	429.7	361.8	376.1	339.2	333.2	323.7	343.5	312.9	310.6	307.2	284.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	485.4	460.4	441.9	434.1	419.7	412.8	404.2	402.0	393.5	391.1	387.7	365.7
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-50.7	-80.1	-80.1	-80.5	-79.6	-80.5	-80.5	-80.5	-80.5	-80.5	-81.1
5. Held to maturity investments	20.0	20.0	—	22.0	—	0.0	0.0	22.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	287.2	269.6	272.4	275.1	257.5	252.5	257.2	260.0	254.0	251.0	246.0	247.7
1. Long-term prepayments	278.7	260.5	258.2	260.9	256.9	251.4	256.2	259.0	252.7	249.6	245.2	246.9
2. Deferred income tax assets	8.5	9.1	14.2	14.2	0.5	1.1	1.0	1.0	1.3	1.4	0.8	0.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,790.5	1,707.9	1,640.5	1,606.7	1,546.7	1,529.6	1,539.8	1,515.3	1,488.7	1,471.5	1,413.2	1,469.8
A. LIABILITIES (300=210+330)	336.4	370.3	368.8	323.8	303.1	308.5	343.3	300.2	298.4	286.0	248.9	318.5
I. Short -term liabilities	331.9	364.5	339.6	319.5	298.9	305.4	340.4	297.2	295.4	283.7	244.9	316.3
1. Short-term trade accounts payable	12.1	23.3	14.9	11.9	21.0	16.3	13.3	25.6	33.2	18.9	17.8	20.4
2. Short-term advances from customers	12.0	12.0	8.0	5.6	2.9	1.8	1.2	1.3	1.1	1.4	1.2	2.6
3. Taxes and other payables to state authorities	18.0	27.1	32.2	25.2	7.4	9.2	9.3	3.3	11.0	9.7	4.9	2.4
4. Payable to employees	3.6	12.9	4.6	4.6	4.6	10.6	5.2	4.5	3.4	6.7	4.9	4.6
5. Short-term acrrued expenses	17.1	24.0	9.6	6.8	4.6	6.5	4.2	3.8	4.0	6.5	5.5	4.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.5	5.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.8	0.3	7.3	5.7	4.2	0.5	43.6	3.8	2.5	0.5	0.8	0.7
10. Short-term borrowings and financial leases	261.7	256.8	257.1	253.6	253.3	257.5	260.4	251.6	236.4	237.0	206.6	277.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	2.9	6.0	6.2	1.1	3.0	3.2	3.4	3.8	3.0	3.2	3.3
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	4.5	5.9	29.2	4.3	4.2	3.1	2.9	3.0	2.9	2.3	3.9	2.2
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	2.7	1.4	1.4	1.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.8	0.5	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	1.8	0.0
12. Provision for long-term liabilities	—	2.8	27.5	2.6	2.5	2.5	2.5	2.5	2.5	1.8	1.8	1.8
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,454.1	1,337.6	1,271.8	1,282.9	1,243.6	1,221.2	1,196.5	1,215.1	1,190.3	1,185.5	1,164.3	1,151.3
I. Owner's equity	1,454.1	1,337.6	1,271.8	1,282.9	1,243.6	1,221.2	1,196.5	1,215.1	1,190.3	1,185.5	1,164.3	1,151.3
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00
- Preferred stock	462,612,908.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	117.3	117.3	117.3	117.3	104.6	104.6	104.6	104.6	104.6	92.3	92.3	92.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	336.8	220.3	154.5	165.6	139.1	116.6	91.9	110.5	85.7	93.2	72.0	59.0
- Accumulated retained earning at the end of the previous period	273.3	54.2	54.2	99.2	117.6	31.3	31.3	74.8	75.7	23.4	23.4	29.8
- Undistributed earnings in this period	63.5	166.1	100.3	66.4	21.5	85.3	60.6	35.7	10.0	69.9	48.6	29.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,790.5	1,707.9	1,640.5	1,606.7	1,546.7	1,529.6	1,539.8	1,515.3	1,488.7	1,471.5	1,413.2	1,469.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	210.8	—	—	—	0.0	0.0	0.0	0.0	85.7	-35.1	35.1
Depreciation of Fixed Assets and Investment Property	—	67.3	—	—	—	0.0	0.0	0.0	0.0	36.9	-18.4	18.4
Provision (Increase)/Reversal	—	-29.6	—	—	—	0.0	0.0	0.0	0.0	3.5	-1.5	1.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-83.9	—	—	—	0.0	0.0	0.0	0.0	-36.0	17.0	-17.0
Interest Expense	—	13.9	—	—	—	0.0	0.0	0.0	0.0	17.8	-10.2	10.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	178.6	—	—	—	0.0	0.0	0.0	0.0	108.0	-48.1	48.1
Increase/(Decrease) in Receivables	—	34.7	—	—	—	0.0	0.0	0.0	0.0	34.7	-5.1	5.1
Increase/(Decrease) in Inventory	—	42.3	—	—	—	0.0	0.0	0.0	0.0	-43.4	20.2	-20.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	51.7	—	—	—	0.0	0.0	0.0	0.0	8.6	-7.3	7.3
Increase/(Decrease) in Prepaid Expenses	—	-5.3	—	—	—	0.0	0.0	0.0	0.0	-10.4	7.0	-7.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-13.8	—	—	—	0.0	0.0	0.0	0.0	-17.9	10.3	-10.3
Corporate Income Tax Paid	-19.1	-20.2	0.0	-2.3	-7.4	-4.2	0.0	-3.2	-8.9	-0.9	0.0	-1.5
Other Operating Receipts	179.8	—	—	—	—	221.4	284.7	-59.4	101.9	-392.5	392.5	-95.3
Other Operating Payments	-112.5	330.1	-236.5	-4.8	-94.6	-155.4	-147.1	-39.6	-108.6	306.8	-307.1	103.1
Net Cash Flow from Operating Activities	-85.7	135.8	56.3	64.2	-4.0	58.4	9.5	3.2	-17.4	13.6	41.6	30.7
Payments for Fixed Assets and Other Long-term Assets	-8.2	-91.9	10.9	-26.5	-3.5	-2.4	-2.5	-8.4	-6.2	-15.3	-18.3	-22.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	2.0	-0.0	0.4	—	0.8	2.7	-2.7	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	-223.2	—	—	—	0.0	0.0	0.0	0.0	-27.1	8.4	-8.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	76.3	—	—	—	0.0	0.0	0.0	0.0	45.2	0.0	0.0
Investments in Other Entities	-5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-5.6
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.8	0.1	12.7	2.9	4.6	2.2	5.3	5.9	6.2	2.7	0.8	12.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	94.2	-154.3	-15.8	-50.8	-14.4	-15.6	2.8	-3.2	-2.0	-22.4	18.9	-17.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	106.5	97.3	94.1	112.0	100.7	105.7	100.5	111.3	88.2	113.7	123.6	111.2
Repayment of Borrowings	-101.6	-97.6	-90.6	-111.8	-104.8	-108.6	-91.7	-96.1	-88.7	-83.4	-194.8	-125.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-45.0	—	—	-43.0	0.0	0.0	-0.0	0.0	-30.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	4.9	-0.3	-41.5	0.2	-4.2	-45.9	8.8	15.2	-0.6	30.3	-101.2	-14.3
Net Cash Flow During the Period	13.5	-18.8	-1.0	13.7	-22.5	-3.1	21.1	15.2	-19.9	21.5	-40.7	-0.8
Cash and Cash Equivalents at Beginning of Period	33.2	52.0	53.0	39.3	61.8	48.5	48.5	48.5	48.5	83.3	83.3	83.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	46.7	33.2	52.0	53.0	39.3	61.8	64.9	43.8	28.6	48.5	27.0	67.7

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MVC

What Is Changing

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Balance Sheet ●

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Investment Takeaway

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow